Saturday, July 20, 2024

Nottinghamshire cable firm secures £340,000 funding deal to acquire manufacturing HQ

A Nottinghamshire-based manufacturer and global supplier of cables and controls is eyeing further growth and safeguarding the future of its locally skilled workforce, after securing a major funding deal to help purchase a £550,000 industrial unit and business headquarters.

Cable-Tec, which also operates a site in Liverpool, has guaranteed its long term future in the region by utilising the £340,000 facility provided by Reward Finance Group to help purchase its existing rented commercial property in Sutton-in-Ashfield.

The company manufactures and supplies cables and controls to meet a diverse range of business applications and industry sectors, including agriculture, marine, construction and even motorsports. It has previously supplied parts to McLaren and its associated business on their sports and hyper cars and to suppliers of the Ministry of Defence for control and activation systems used in its armoured vehicles.

Cable-Tec was established in 1988, with current owner and managing director Kevin Whincup purchasing the business in 2019. Recognising the need to seize the opportunity to purchase the manufacturing facility within a short timeframe, he turned to alternative finance lender Reward, which specialises in providing property investors and SMEs with tailored business finance loans and asset based solutions of up to £5m.

Kevin Whincup, owner and managing director of Cable-Tec, said: “Being in a position to acquire the manufacturing facility is critical to our future growth aims and commitment to retaining our highly skilled workforce, who are all based locally.

“We’ve worked hard to establish a successful business that has a strong team in place and caters globally for an increasingly broad range of sectors. Relocating now would be hugely detrimental to our future vision for the business and long term expansion aims.

“Due to the speed with which we needed to complete the purchase of the manufacturing unit, we turned to Reward as it has vast property finance expertise and also a reputation for delivering funding solutions at pace.

“The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”

Steph Brown, regional director for Reward Finance Group in the Midlands, said: “To be able to support Kevin and his thriving business through a property acquisition that will safeguard the future of his local workforce is hugely rewarding.

“Having a secure manufacturing base in the region that the business can now call ‘home’ also opens up so many opportunities to drive future growth.”

Becky Hayward, relationship manager at Reward, added: “Many SME-size firms can often fail to capitalise on new market opportunities simply because they’re either unable to access the funding or secure it under a tight time constraint.

“We pride ourselves on being able to help firms like Cable-Tec find an agile financial solution that enables businesses to react to a change in circumstances and complete a transaction within a short period. We hope it now provides the springboard for further global expansion.”

The deal between Cable-Tec and Reward Finance Group was brokered by Evolve Commercial Finance.

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